How Paul Martins, Head of Buy to Let, helped his client raise capital and reduce monthly mortgage payments by over £150 pcm.
I was recently contacted by a landlord looking to raise capital for further buy to let investment against his sole rental property.
The property in question is a two-bed terraced house in Kent valued at £285,000, with an existing mortgage of £195,000.
The client wanted to raise £30k, which would bring the total borrowing in at just shy of 80% loan to value. With his existing provider unwilling to offer the further advance, he knew he would need to switch lender if he was going to achieve the finance required.
That’s where we come in… I took the case to an intermediary only lender, which offers rates up to 80% loan to value.
To my client’s delight not only could this lender offer the loan amount required, but also at a much lower rate – saving him over £150 pcm.
What’s better… this particular lender also threw in free legals and a free valuation too!
And so, the moral of this story - don't just assume that you can't raise capital or save any money, always take the opportunity to get your arrangements reviewed to ensure you’re ahead of the game.
We offer a free review service without obligation, so you’ve nothing to lose.
You can download our property portfolio review form and send it back to us, or send us your own! Remember, we can also review the mortgage on your home as well as your buy to let properties.
Paul Martins has left Mortgages for Business for pastures new. For more information or for any questions relating to this blog, please contact the BTL Team on 0345 345 6788, where one of our consultant mortgage brokers will be happy to assist.
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6th March 2018